The textbooks say that the securities markets exist to facilitate raising capital so that companies can thrive.
In today’s investment world, that notion seems almost quaint.
Business news pages and cable shows are dominated by fads — be it bitcoin, dogecoin or nonfungible tokens (NFTs) — and stocks whose prices are not tied to sober reflections about their issuers’ prospects but rocket up and down based on internet-fueled speculation.
Looking back at this period in a…
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